New feature was just completed. If you wish to make your applications public, you now have that capability. You'll notice a new menu on the admin menu called "Online Application Settings." In addition to adding this functionality, it also moves some of the other application settings into the same interface (application thread tag, and the blurb above the applications).
The application section has also had a very minor revamp. You'll notice the change immediately when you head over there.
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The day Microsoft makes a product that doesn't suck is the day they make a vacuum cleaner.